CEC INT'L HOLD (00759) issued an announcement, as of October 2023...
According to the announcement from Zhitong Finance APP, CEC INT'L HOLD (00759) announced that compared to the after-tax profit of approximately 0.3 million HKD for the six months ending October 31, 2023, the group expects to incur an after-tax loss of no more than 30 million HKD during this period.
The announcement stated that the aforementioned loss is due to the retail trade of the group continuing to be affected by the following adverse factors: Due to the high number of local residents traveling overseas, there has not been a significant recovery in foot traffic on the streets, and weekends and public holidays are peak times for Hong Kong residents to travel overseas, resulting in a reduction in the number of residents consuming locally; Hong Kong residents seem inclined to maintain their pandemic-era lifestyle habits, leading to night-time foot traffic and consumption not returning to pre-pandemic levels; and during the review period, the Hong Kong dollar interest rates remained high, affecting the capital markets and real estate market in Hong Kong, as well as suppressing the consumption willingness of local consumers.
